FAQ

Investing in life insurance can provide financial security for your family or dependents after your death. It can help cover personal loans, mortgages, and maintain a standard of living. Additionally, premiums paid may be eligible for tax deductions.

Unlike general insurance, which covers various risks such as property loss or damage, life insurance specifically provides a death benefit. Some life insurance policies also have an investment component, offering potential returns over time.

The value of life insurance depends on individual needs and goals. It can offer peace of mind and financial protection for your dependents, ensuring they have a source of income in your absence.

You can purchase life insurance through insurance agents, brokers, or directly from insurance companies. Our Online platforms also offer a convenient way to compare and buy policies.

Term life insurance provides coverage for a specified term. If the insured dies during the term, the death benefit is paid to the beneficiaries. It's typically less expensive than whole life insurance but does not accumulate cash value.

The amount of life insurance you need depends on your financial obligations, dependents' needs, and your goals. A common approach is to have coverage that's 5-10 times your annual income.

Factors include age, health, lifestyle, the amount of coverage, term length, and whether the policy includes an investment component.

- Life insurance premiums are eligible for tax deductions under Section 80C of the Income Tax Act, 1961.

- An individual can claim deductions for premiums paid on their own life, or the life of their spouse or child.

- The maximum deduction allowed under Section 80C is ?1.5 lakh per annum, which includes life insurance premiums among other eligible investments.

- For policies issued after April 1, 2012, the premium paid should not exceed 10% of the sum assured to claim the deduction.

- Maturity or death benefits from life insurance are generally tax-free under Section 10(10D), subject to certain conditions.

- Policies issued on or after April 1, 2023, with a premium exceeding ?5 lakh per year, will be taxable, except in the case of the death of the insured.

Premiums can be paid monthly, quarterly, semi-annually, or annually. Some policies allow you to pay premiums in a lump sum.

Life insurance renewal is the process of extending the term of a life insurance policy beyond its original expiry date, ensuring continued coverage.

If you miss a premium payment, there is typically a grace period. If the payment is not made within this period, the policy may lapse, and coverage might be lost.

- A grace period in life insurance is A set time after A premium payment is due, during which the policy remains active despite the payment not being made.

- Typically, this period lasts about 30 days,

- If the premium is paid within the grace period, the policy continues without interruption; if not, the policy may lapse, and coverage could be lost.

Yes, a lapsed Life Insurance policy can often be renewed, but it may require paying any due premiums with interest or penalties, and possibly undergoing a health assessment.

You can check the eligibility for renewal by logging into the insurance provider's customer portal or contacting their customer service.

Yes, there may be late fees or penalties for delayed renewal, which can vary based on the policy terms and the duration of the delay.

Yes, you can change the premium payment frequency in your life insurance policy.

Changes are usually reflected from the next premium due date or policy anniversary.

1.Initiate the Claim:

Contact the insurance company as soon as possible to initiate the claim process. This can typically be done online, via phone, or by visiting a local branch.

2.Documentation:

Gather necessary documents such as the death certificate, policy documents, and any other required forms or proofs.

3.Claim Form:

Fill out the claim form provided by the insurance company with accurate details of the policyholder, the nominee, and the cause of death.

4.Submission:

Submit the claim form along with the required documents to the insurance company. Ensure that all information is complete and accurate to avoid delays.

5.Claim Processing:

After submission, the insurance company will process the claim. They may ask for additional documents or information if needed.

6.Claim Decision:

Once the claim is processed, the insurance company will make a decision. If approved, the claim amount will be disbursed to the nominee.

7.Follow-up:

If there are any issues or if the claim is delayed, follow up with the insurance company for updates.

8.Seek Assistance if Needed:

Don't hesitate to contact customer support or visit the nearest branch if you require help during the process.

Updating personal details on your life insurance policy typically involves the following steps:

Online Update:

- Visit your life insurance company's official website.

- Log in to your account using your username and password.

- Navigate to the update section to change your personal information such as address, phone number, email, nominees, Aadhar number, etc.

Offline Update:

- Fill out a Policy Servicing Request Form available at your insurer's branch or online.

- Submit the form along with self-attested photocopies of your new address proof or other relevant documents.

- For NRI customers, specific email addresses are provided for service-related queries.

Contact: 

The Global Finsol Customer Care number for assistance

Updating personal details on your life insurance policy typically involves the following steps:

Online Update:

- Visit your life insurance company's official website.

- Log in to your account using your username and password.

- Navigate to the update section to change your personal information such as address, phone number, email, nominees, Aadhar number, etc.

Offline Update:

- Fill out a Policy Servicing Request Form available at your insurer's branch or online.

- Submit the form along with self-attested photocopies of your new address proof or other relevant documents.

- For NRI customers, specific email addresses are provided for service-related queries.

Contact: 

The Global Finsol Customer Care number for assistance